#CryptoMarket4T Current Dynamics
The ETH/USD pair saw a noticeable increase in its value last week, reaching its highest levels since February in the 3080.00 area the previous day.
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Meanwhile, the instability of the global economic situation has led to increased investment in Ethereum-ETFs: their volume last week reached $908.1 million, one of the largest figures since the launch of the trading instruments.
Support and Resistance Levels
Technically, prices have broken out of the long-term descending channel and risen above the 2968.75 mark (Murray level [7/8]), and are now heading towards targets of 3281.25 (Murray level [+1/8]) and 3437.50 (Murray level [+2/8]). The key level for "bears" appears to be the 2656.25 mark (Murray level [5/8]), supported by the middle line of the Bollinger Bands, and a break below it would form a catalyst for a return to the descending channel and a move towards the 2187.50 (Murray level [2/8]) and 1875.00 (Murray level [0/8]) areas.
Technical indicators confirm the likelihood of continued gains: the Bollinger Bands are trending upwards, the MACD indicator is increasing in the positive zone, and the Stochastic indicator is horizontal in the overbought zone, which does not exclude a correction, although the probability of it occurring is limited.
Resistance levels: 3281.25, 3437.50.
Support levels: 2656.25, 2187.50, 1875.00.
